LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Chapter 2, Problem 1.4SRE
To determine
Identify the correct option by analyzing the business transaction by indicating their effects on
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The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000
additional contribution during the year. Based on the Statement of Comprehensive Income.
net income for the year was P355,000. How much money did the owner withdrew from the
business?
Accounts Payable
Accounts Receivable
Accrued Expenses
Accumulated Depreciation
Cash
Inventory
Investments
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Mortgage Payable
57,000
65,000 Notes Payable
37,000 Notes Receivable
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110,000 Owner, Capital
91,000 Prepaid Expenses
89,000 Property, Plant and Equipment
143,000 Unearned Revenue
400,000
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An entity began October with office supplies of P16,500. During the month, the entity
purchased supplies of P27,100. On October 30, supplies on hand totaled P21,200. How
much should be recorded as supplies expense for the month?
1. Hannah Maganda has total assets of P25000 and equity of P32000. How much is her liabilities?
2. The total income of basit machine shop is P110000 and total expense of P30000 how much is basit Machine shop profit(or loss)?
3. The initial investment of the owner in his business is p75000. At the end of each year the total assets of the business amounted to p100000 ,which consist of p50000 and p50000 equipment.The equipment has an unpaid balance if P20000 the only liability of the business. How much is the owners equity at the end of each of the year?
Write TRUE f the analysis for each transaction is correct and FALSE if it is not.
The owner purchased furniture for Php5,500 on account
Analysis:
Increase in Asset: Furniture and Fixture Php 5,500
Decrease in Asset: Accounts Receivable Php 5,500
The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note
Analysis:
Increase in Asset: Land Php50,000
Decrease in Asset: Cash Php20,000
Increase in Liability: Notes Payable Php30,000
Chapter 2 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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